Zacks Investment Research upgraded shares of Baker Hughes Inc. (NYSE:BHI) from a hold rating to a buy rating in a research report report published on Friday. The firm currently has $59.00 price target on the oilfield services provider’s stock.
According to Zacks, “Baker Hughes has a leading position in the North American oilfield services market and has held up well amid the decline in rig count that has hit activity levels and pricing. The equipment supplier also boasts a strong balance sheet and has been able to implement rigorous cost controls. The break up fee of $3.5 billion that the company received on termination of the merger with Halliburton, gives the companu a number of options to explore, including reinvesting in its business, returning more cash to shareholders, or to potentially make small acquisitions. These are viewed positively as they are value accretive to shareholders. Moreover, Baker Hughes’ relationships with both publicly-traded and national oil companies worldwide remains strong. Consequently, we think Baker Hughes offers substantial upside potential from the current price levels and view it as an attractive investment.”
A number of other analysts have also recently commented on the stock. Jefferies Group upgraded shares of Baker Hughes from an underperform rating to a hold rating in a report on Sunday, July 10th. Howard Weil boosted their target price on shares of Baker Hughes from $49.00 to $56.00 and gave the company a sector outperform rating in a report on Friday, July 29th. Credit Suisse Group AG set a $56.00 target price on shares of Baker Hughes and gave the company a buy rating in a report on Monday, August 1st. FBR & Co restated a buy rating on shares of Baker Hughes in a report on Friday, July 29th. Finally, BMO Capital Markets restated a buy rating and set a $50.00 target price on shares of Baker Hughes in a report on Friday, July 29th. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating, twenty have issued a buy rating and two have assigned a strong buy rating to the stock. The company currently has an average rating of Buy and a consensus price target of $52.86.
Shares of Baker Hughes (NYSE:BHI) traded down 0.91% during mid-day trading on Friday, hitting $51.28. 1,309,349 shares of the stock traded hands. The company’s market capitalization is $21.94 billion. The company’s 50-day moving average price is $50.21 and its 200 day moving average price is $47.01. Baker Hughes has a 1-year low of $37.58 and a 1-year high of $56.17.
Baker Hughes (NYSE:BHI) last issued its quarterly earnings data on Thursday, July 28th. The oilfield services provider reported ($0.90) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.59) by $0.31. The company had revenue of $2.40 billion for the quarter, compared to analysts’ expectations of $2.34 billion. Baker Hughes had a negative net margin of 25.14% and a negative return on equity of 4.46%. The firm’s revenue for the quarter was down 39.3% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.14) earnings per share. Equities research analysts forecast that Baker Hughes will post ($2.21) EPS for the current fiscal year.
In related news, SVP Alan R. Crain, Jr. sold 3,000 shares of the firm’s stock in a transaction on Friday, October 7th. The stock was sold at an average price of $53.00, for a total value of $159,000.00. Following the completion of the sale, the senior vice president now directly owns 21,160 shares in the company, valued at $1,121,480. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Alan J. Keifer sold 17,434 shares of the firm’s stock in a transaction on Friday, August 19th. The stock was sold at an average price of $52.70, for a total value of $918,771.80. Following the completion of the sale, the vice president now owns 41,374 shares of the company’s stock, valued at $2,180,409.80. The disclosure for this sale can be found here. 0.60% of the stock is owned by corporate insiders.
Hedge funds have recently modified their holdings of the company. MCF Advisors LLC increased its stake in shares of Baker Hughes by 859.6% in the second quarter. MCF Advisors LLC now owns 2,399 shares of the oilfield services provider’s stock worth $108,000 after buying an additional 2,149 shares in the last quarter. Citizens Financial Group Inc RI raised its stake in Baker Hughes by 14.5% in the first quarter. Citizens Financial Group Inc RI now owns 2,837 shares of the oilfield services provider’s stock worth $125,000 after buying an additional 360 shares during the last quarter. Partners Capital Investment Group LLC acquired a new stake in Baker Hughes during the second quarter worth $144,000. Cypress Capital Management LLC WY acquired a new stake in Baker Hughes during the second quarter worth $168,000. Finally, LVM Capital Management Ltd. MI acquired a new stake in Baker Hughes during the third quarter worth $201,000. Institutional investors own 89.28% of the company’s stock.
Baker Hughes Company Profile
Baker Hughes Incorporated is engaged in the oilfield services industry. The Company is a supplier of oilfield services, products, technology and systems used in the oil and natural gas industry around the world. The Company also provides industrial products and services for other businesses, including downstream chemicals, and process and pipeline services.
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